Norhill’s Houston quarterly housing report is ready to go, and inventory levels in the vast majority of the neighborhoods we track have fallen. With respect to single family homes, the number of sales have increased from the 1st quarter of last year. The First-time home buyer credit that expired May of 2010 appears to be a drag on total sales in townhomes and condos. Although prices overall have fallen in some of the neighborhoods we track, these lower prices should start to rebound if sales and lower inventories remain.
From our own observations, the real drag on the sales prices is with homes that are not very desirable. There is actually a lot of poorly constructed, poorly designed homes that remain from the real estate boom. From our experience, well designed, well priced homes can receive multiple offers very quickly.
If you have any questions regarding the report or if you have questions regarding an area that Norhill’s Market Report does not cover, let us know. We look forward to your feedback, and we want to know what you think.